Diageo PLC is close to a deal to flip Burger King to a buyout team led by David Bonderman’s Texas Pacific Group for roughly $2.2 billion, sources familiar with the process said.

In the last few days, the British beverage giant has limited its discussions to sell its fast-food chain to only one team: San Francisco firm Texas Pacific, Boston-based Bain Capital and Goldman Sachs Group’s private equity arm, sources said.

The terms of the deal are being finalized, with a selling price likely to fall between $2.1 billion and $2.3 billion. Sources warn, however, that rocky financing markets could still crater the deal.

What’s more, sources say the two parties do not have an exclusivity agreement, which means that deal-hungry rival suitors – including Thomas H. Lee Partners – could still bid.

However, if talks remain on track, an announcement could come as early as today.

A spokesman for the fast-food chain did not return calls. Representatives from the other companies declined comment or could not be reached by press time.

The TPG-led consortium has always been considered a front-runner in the deal, in part because TPG has the support of Burger King’s National Franchisee Association. It also has a close relationship with John Dasburg, Burger King’s chief executive.

But then when Diageo asked suitors to come back with revised bids – hoping to start a bidding war for the Home of the Whopper – Blackstone and Madison Dearborn walked away from the table.

Diageo, the world’s biggest liquor company, put its Miami-based Burger King unit on the block in March in order to focus on its core drinks business.

Diageo had hoped to fetch more than $2.3 billion for the fast-food chain. However, concerns about the financial health of the chain’s franchisees and declining market share may have knocked down the price buyers are willing to pay.

Those concerns scared off a few other potential suitors, including Apollo Advisors and Cypress Group, early on.